“Wrongdoers should not be able to retain the benefits of their wrongdoing. The FCA will continue to ensure orders to strip wrongdoers of their ill-gotten gains are enforced and not ignored or evaded.”

Boakes pleaded guilty to two counts of fraudulent trading, three counts of using a forged instrument and one count of accepting deposits without authorisation.

Between October 2002 and January 2013, he offered investors guaranteed annual returns of 20 per cent or more through what he claimed where forex investments made by his business, CurrencyTrader, although any returns were actually funded from deposits and funds from new investors.

Boakes had previously been an FCA approved adviser and he misled investors into thinking that he was still an IFA.

According to the Financial Services Register, Boakes had been a regulated adviser with Ashley Law from December 2001 until October 2002.

He then spent just over a year with Suffolk-based mortgage firm GBP Financial Solutions from July 2007 to December 2008.